General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
June 15, 2018

ECB published the revised assessment methodology for payment systems. The revised methodology covers the requirements introduced by the revised systemically important payment systems (SIPS) Regulation, which entered into force in December 2017 and additionally references the Eurosystem’s Cyber Resilience Oversight Expectations (CROE), which are based on the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures (June 2016). The CROE contain expectations for SIPS and non-SIPS that have differing maturity levels applicable to different types of systems.

The first part of the document contains questions for the assessment of payment systems (all categories) and the second part contains questions for the assessment of links between retail payment systems (RPSs). Overseers will use the questions in the left-hand column (which reflect the text and the requirements of the SIPS Regulation) if the payment system being assessed is classified as a SIPS and the relevant questions (based on CPMI-IOSCO methodology) from the right-hand column when assessing a payment system that is not a SIPS. The sequence of the assessment questions in the document follows the order of the articles of the SIPS Regulation. Competent authorities, which are the Eurosystem central banks with primary oversight responsibilities for one or more payment systems, are expected to regularly assess compliance of these systems with the requirements of the SIPS Regulation and/or the Principles for financial market infrastructures (PFMIs), whichever is applicable.

The assessment methodology of Eurosystem for payment systems serves to promote full observance of the requirements laid down in the SIPS Regulation or PFMIs by helping assessors to identify non-compliance and/or issues of concern that should be addressed. The answers to the questions will serve as the key input for actual oversight assessment; the assessment should always use the requirements, either in the SIPS Regulation or the PFMIs, as a reference. The Eurosystem assessment methodology takes the CPMI-IOSCO assessment methodology as a basis  and complements it with questions from the previously used “Terms of Reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles,” thereby establishing one single framework for SIPS and non-SIPS. The methodology also covers the “Oversight expectations for links between retail payment systems” (November 2012).

 

Related Link: Revised Methodology (PDF)

Keywords: Europe, EU, PMI, PFMI, SIPS Regulation, Assessment Methodology, Payment Systems, Fintech, CPMI-IOSCO, ECB

Related Articles
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
News

Agustín Carstens of BIS Speaks About New Role of Central Banks

While speaking at the 20th anniversary conference of the Financial Stability Institute (FSI), Agustín Carstens, the General Manager of BIS, highlighted the need for regulatory actions in light of the continued evolution of financial technology.

March 14, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS9/19) that provides feedback on responses to the consultation paper CP15/18 and the final supervisory statement SS9/15 (Appendix) on group supervision under Solvency II.

March 14, 2019 WebPage Regulatory News
News

ECB Announces Start Date for Euro Short-Term Rate

ECB announced that it will start publishing the euro short-term rate (€STR) as of October 02, 2019, reflecting the trading activity of October 01, 2019.

March 14, 2019 WebPage Regulatory News
News

PRA Proposes to Update the Pillar 2 Capital Framework for Banks

PRA is proposing (CP5/19) to update the Pillar 2 capital framework to reflect continued refinements and developments in setting the PRA buffer (Pillar 2B).

March 13, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement Related to Credit Risk Mitigation

PRA published a policy statement (PS8/19) that contains the final policy in the updated supervisory statement SS17/13 on credit risk mitigation (Appendix 1) as well as the statement SS31/15 on Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process or SREP (Appendix 2).

March 13, 2019 WebPage Regulatory News
News

FED Updates Supplemental Information and Q&A for Form FR Y-14

FED updated the supplemental instructions and the questions and answers (Q&A) document for the information collection on capital assessments and stress testing, which is covered by the reporting form FR Y-14A.

March 13, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2750